Refinance is the only way remove your spouse name (ex husband/wife) from title of the house if you get divorced. When spouse separation or divorce process including a home mortgage loan, you need to make an adjustment in title of your mortgage. One name should be choose to continue the mortgage. That is way refinancing is the only way.
As your guide, you can follow this step to remove your spouse name from mortgage through refinancing process:
Step 1 : Prepare your credit score and the report. Cause you will pay the mortgage by your own, you need a higher credit score to be approved. Strong score is above 700.
Step 2 : Make sure you have low Debt to Income Ratio. Below 40 percent is a good point for you. This ratio is using by your lender to calculate your ability to pay the loan. Divide all your expenses in one month with your gross income.If your Debt income ratio still higher than 40%, you should reduce your expenses in order to get approved.
Step 3 : Research the lender. If you have good credit score, you will not hard to find the lender who will give you new mortgage loan. If you have bad credit, maybe you should looking for different lender such as wells fargo or citi financial.
Step 4 : Apply refinancing to more than 3 lenders. Doing comparison is a great way to get the best deal for your home refinancing. You should take a look at the interest rate, refinancing fee, closing cost and all the fees. You should calculate the cost carefully. Remember, you pay the monthly installment by yourself, without your spouse income anymore.
Step 5 : After you deciding the best offer and choose the lender. Prepare all documents for underwriting process.
Step 6 : The important thing is you should fill quitclaim deed. Remove your spouse name in this form. You can achieving your purpose to remove spouse name from home title by write it in this form and do refinancing process
Step 7 : Complete to closing process.
That’s all the process to remove your spouse name from mortgage through refinancing. For complete information, you can ask your lender to give you a guidance.
